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Africa Energy

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douginil   Tuesday, 09/22/20 02:00:10 PM
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Africa Energy

[[ Africa Oil is a substantial shareholder ]]

Sept 22, 2020

AFE has announced that it has raised $28m at SEK3.00 in a well, even oversubscribed offer. The proceeds are to finance the drilling programme of three exploration wells on Block 11B/12B offshore South Africa.

I recently had a Zoom chat with AFE CEO Garrett Soden who had already signalled the upcoming raise which continues the house strategy of concentrating solely on this potentially massive discovery made last year with Total. With the company concentrating in SA the Namibia acreage will likely be farmed-out and the market in that country is quite hot at the moment.

Africa Energy is a Lundin company with that family and Africa Oil having substantial shareholdings and directorships and the investing public own around 50%. It looks like a fantastic opportunity and the likes of Lundin and Hill are rarely wrong so despite having all its eggs in one basket its a pretty good basket…


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